Will requiring financial literacy classes in high school make a difference?

Personal Finance with Leila - Debt Over It

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Опубликовано:

10 сен 2024

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Комментарии : 26

@SaraBudgetOrganized...ish... Месяц назад

When I was in school at ages 12-15 years we had "Life Studies". This was everything from real life finance experience, how to file taxes, what voting meant & how it impacts your taxes and net income. It included budgetting, grocery shopping, cooking, cleaning, recycling etc. This was mandatory for everyone and was twice a week throughout those years. I learnt so much from that! Did I use all of it as I became older? No. Did it build a foundation to break the cycle? Definitely.

@DaltonsFriendswood Месяц назад

My husband is a high school history teacher and this year he will also be teaching a personal finance class. I've been helping him get a curriculum plan together on learning wants v needs, how getting paid works, how rent works, how to pay for college, etc. Luckily he is one of the teachers everyone loves, so hopefully he will be able to make it fun.

@myhallyulife Месяц назад

I have been telling people this! In Texas my school had a required class called Money Matters. I took it my junior year, so 2015/2016. It was a total goof off class. None of the kids cared and no one wanted to be there but it was required. Even if it helps a few kids, it's worth it, but it won't have the huge effect people think it will. ALSO my sister and I decided to have a personal finance sit down with our neice and nephews. My neice who had just turned 18 and started paying for her car was fully focused for hours over 4 days as we broke down everything. The two younger brothers 16 and 11 didn't care and were quite delusional. They didn't think it was important bc they thought they were going to magically become millionaires like ppl on TV. They reluctantly listened but the message didn't stick.

@fasteddy3336 Месяц назад

We moved to Texas in 2015, and in school my children were introduced to Dave Ramsey! My son came home and showed me this and I said this is crazy. My wife and I used his theories to get our family completely out of debt and the only thing left we have is the mortgage. My oldest son had student loan and paid it off before Covid ended. I am more of a Dave Ramseyish Follower. I still use credit cards but they are paid off multiple times a month. That way I carry no balance. I followed some of the money guys teaching. All I want the school to do is to show them or introduce them some different financial aspects. I wouldn’t expect every child to grasp but at least to give them a little taste. We all take classes not to do drugs but how many high school students end up trying drugs? Yes, parents need to be your biggest influence!

@lmanderson2012 Месяц назад

I think it will overall be a good thing. Once a curriculum is in place, it can be tweaked and changed as more students take the course. I can speak to the impact of environmental science as a former environmental science educator and stewardship practices not matching what happens at home. What occurs is that a child learns how to do things like recycle, reduce water use, and communicate why it's important to care for our planet. Then they take what they've learned and share it with their family. That usually causes the family to change how they manage their water and trash. That impact could also happen with finances. Yes, the child/teen will learn by their parents example, but parents/caretakers also learn from their children. It's a first step that hopefully spreads.

@haileyreign971 Месяц назад

I live in a state where it was required. Took the class & it was a part of our gov & econ curriculum senior year. It's honestly nothing compared to the various aspects of personal finance. I'm grateful that my teacher went above & beyond in teaching us how taxes, W-2, & 401k retirement accounts worked. However, we didn't learn about HYSA, budgeting, "keeping up with the Joneses", Roth IRA/Roth 401k, paying for college, trades, etc. Heck half the people in my class never filled out a check before. Though trying to make a step in a right direction, I don't expect equal outcomes. Financial literacy is highly personal.

@deniseprichett2619 Месяц назад

Leila, this could be a side business for you teach high school students about finances. I think with you being young your messaging would work plus your sincere and honest way of looking at finances crosses all age groups. I get how it would be tone deaf for some high school students to hear about finances, but it is all in how you message it. I got into budgeting in college, because that is when I had a work study job and I looked for a summer job to make more money. My parents got me into budgeting too, but I had influences from people in finance like my grandmother being an accountant taught me some things too. As a kid I saved birthday money, took it to the bank with an adult. I wanted to be Scrooge McDuck and have loads of money. You know about looking at old journals. I like looking back on those old budgets. It gives me perspective. Sorry for the long post. I truly love personal finance!!💵🤑

@michaelterrazas8497 Месяц назад

I think it how it taught and the material that covered. Also it should be a course that students can only take their junior or senior year in high school. The reason there are students already working part-time, so they might relate to what being taught. One thing for sure that a any financial literacy class should teach is loans, credit cards and interest rate.

@lavayuki Месяц назад

I think it would, kids should be taught about finance in school but only if it is taught in a practical way that kids can understand . When I was in school I did a subject in business in high school,which was mostly profits/loss, tax, budgets etc.. but as you say I didn't really get it, and at the time I just aimed to ace the exams and forgot afterwards. It was also an optional subject, looking back it actually had a lot of useful stuff that I wish I actually took it on board rather than just seeing it as a ticket to uni. I was indeed the ignorant teenager who didn't care at the time and could not apply it at all.

@catgodfrey6451 Месяц назад

I do think some level of finances should be taught, but I think Student Loans should be highly taught & retaught. Bring in students whom raked up $$$$ in SL debt

@ventureswithvee Месяц назад

instead of making financial literacy a required class for the whole school year, maybe it would be more feasible to mandate a few 1-hour sessions throughout high school in order to graduate. i believe some schools require student to do community service to graduate, so financial literacy classes can be required in a similar format or even count towards that community service requirement

@amanshah95 Месяц назад

I talk with my 11 year old frequently about investments , credit card , debts and importance of saving etc whenever we go on walks together... I think a class might be good with case studies of some people with actual finances and look what mistakes they made , what are the good decisions they do etc . Overall I think even if the child takes 5% in it's way better than 0% .

@stefflores Месяц назад

Yeah I actually do remember learning about personal finances in the way that you did in my home ec class and I also never took it seriously cause I just wasn't prioritizing it back then. My mindset was if you just go to college and work hard you'll get a high paying job and be rich! LoL we all know that's not the case at all! 🤣

@rubyrocks5 Месяц назад

I’m guessing it depends on how teachers present the information. Brian Preston from The Money Guy always talks about how he first learned about investing in high school when a teacher (off topic) said he was jealous of the students in his class because they could become retirement millionaires if they only invested $100 a month from age 20 until 65. I think teenagers would be inspired by countercultural ideas like retiring early or becoming richer than their parents (e.g. if they were introduced to books like The Motley Fool’s “Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of”). Teens love feeling like they’re going against the grain and carving a new path 😂

@amandarachel4520 Месяц назад

I’m in VA and it’s been required for a while and I had to take the semester course. I remember it being a mostly online program and most of us tried to finish it as fast as possible bc then as seniors we didn’t have to stay for that block since we finished the material. I agree it’s hard to have an impact when teenagers don’t yet have a concept of fixed expenses in most cases. I remember my mom telling me in high school when I had a part time job that I probably had the most disposable income I’d have for a while and I was like how I work like 20 hours a week. But like $400/week with no bills?? It is a lot of disposable income for one person. My mom was very transparent and responsible with money though so I wasn’t the type of person who needed the class to get that exposure to financial concepts

@NanetteLoves2Budget Месяц назад

Good job to your mom!

@KayGee_yt 29 дней назад

I feel like personal finance - the parts that are actually useful and relevant at least - is not a semester-long course. And really difficult to apply when you don't have a job/just barely understand money from a part time job and MAYBE a phone bill. Seniors in college who could take it for free/to replace an econ credit would be much more impactful

@TheLunarFire Месяц назад

I think its probably a case of designing the right course for the population of students

@lindadorman2869 Месяц назад

I'm 63 and my biggest regret is that I never learned how to invest for my future. My parents taught me to save for a house, new car, vacations, etc...but never helped me understand long-term investing. I panicked when I turned 60 and realized I had ZERO for retirement. I've been able to pay off all my debt, build an emergency fund and start my own business to gain financial security but it would have been so much better if it were a mandatory course in school.

@davisamills597 22 дня назад

Notice New York, New Jersey, Massachusetts & California aren't on this list! 0:42. I read somewhere that those states have the highest credit card debt

@PersonalFinancewithLeila 22 дня назад

Good observation! I also posted a video recently on money stats and yes, New Jersey is the state with the highest cc debt!

@nomadicvibesofelle Месяц назад

I learned finance basics in college but didn't apply it right away. I made a lot of poor decisions before I stumbled upon the fire movement.

@WagyuYeti Месяц назад

Give them the knowledge, if they don't follow it there's nothing we can do.

@thenonniche6657 Месяц назад

Possible long comment. Starting with a little background. I am a parent of teenagers and young adults. 24, 22, 18, 16 and 14. We are a blended family. The young adults are my husband's children. I came into their lives when they were 14 and 12. I was a single parent of 3 for many years. Durning that time the child support I received for them was $311/month. So broke single mom was thier normal. I do not believe the 24 and 22 year olds took any kind of financial literacy classes if they did they did not talk about it. The 24 year old is awful with money the 22 year old is good with money. She doesn't have a lot in savings but is doing good. As for my 18 year old he took a class called Financial Algebra his senior year, he was in an alternative high school so they did quarter classes. The class sizes were smaller and they got more one on one and had a study hall everyday to get help. In that class they learned about basic money skills as well as buying a house and stock market. My son loved it and did well in the class. As far as taking it out into the real world we will see. He turned 18 August 3 and moved out right away. While he was growing up I did my best to teach him. But most of his live I struggled to pay bills and did not have best money habits. I knew the right money skills but I did not always use them. My 16 year old will be a Junior this year. I had to call his school and talk to his guidance counselor about what math he needed to be in after they told him he had to Alegbra 2. He struggled through Alebgra 1 passing with a D. I asked them why they told him he had to tske Alegbra 2 when it is not requirement and why can he not take Financial Alegbra. I was told because it was only offered to seniors. I told him then he won't do a math class this year aside from 2 eletives, Intro to Business and Money 101. The counselor asked what if he doesn't pass Financial Alegbra his senior year? I told them I can help with that class more than I can help with Alegbra 2. My son is excited to Money 101 and Financial Alegbra. He said he knew he would struggle with Alegbra 2 if he had to take it. He told me he wants to be able to buy a car and pay for his own stuff and those classes will help him. My 14 old is just starting high school this year but honestly I think she would love any class about money. She is working to save for her first car. She has told everyone that her Grandfather will not buy her a crappy car like he did for her brother. She has one of those cash stuffing binders and puts most of her money in there. I have always been honest with my children about money. It was never taboo topic. As I got better with money I started showing them good habits. I also give them money every 2 weeks only $25 each on their Qube card. And they get to use it or save however they want. So I feel for my family Financial classes has been good. Yea they will still make mistakes but from both me and classes I do not believe they will be huge ones. But who truly knows.